After completion of statutory period of 270 days, the Adjudicating Authority having no option ordered for liquidation of the Corporate Debtor- Sanjeev Shriya Vs. LML Ltd. & Ors.- NCLAT
The Shareholder of Corporate Debtor or the members of the Board of Directors never raised any objection about the proceeding before the Adjudicating Authority by filing application under Section 60(5) of the I&B Code nor such ground was taken before the Adjudicating Authority. After completion of statutory period of 270 days, the Adjudicating Authority having no option ordered for liquidation of the Corporate Debtor.